Crisis is governance : sub-prime, the traumatic event, and bare life

The article provides a critical analysis of the role of discourses of trauma and the traumatic event in constituting the ethico-political possibilities and limits of the subprime crisis. It charts the invocation of metaphors of a financial Tsunami and pervasive media focus on emotional ‘responses’ like fear, anger, and blame, suggesting that such traumatic discourses constituted the subprime crisis as a singular and catastrophic ‘event’ demanding of particular (humanitarian) responses. We draw upon the thought of Giorgio Agamben to render this constituted logic of event and response in terms of the concomitant production of bare life; the savers and homeowners who became ‘helpless victims’ in need of rescue. We therefore tie the ongoing production of the sovereign power of global finance to broader processes that entail the enfolding and securing of everyday financial subjects. These arguments are illustrated via an analysis of three subjects: the economy, bankers and borrowers. We argue that it was the movement between subject positions – from safe to vulnerable, from entrepreneurial to greedy, from victim to survivor, etc. - that marked out the effective manner of governance, confirming in this process sovereign categories of financial citizenship, asset based welfare, and securitisation that many would posit as the very problem. In short, (the way that the) crisis (was constituted) is governance

Monopoly rents and price fixing in betting markets

Betting markets provide an ideal environment in which to examine monopoly power due to the availability of detailed information on product pricing. In this paper we argue that the pricing strategies of companies in the UK betting industry are likely to be an important source of monopoly rents, particularly in the market for forecast bets. Pricing in these markets are shown to be explicitly coordinated. Further, price information is asymmetrically biased in favor of producers. We find evidence, based on UK data, that pricing of CSF bets is characterized by a significantly higher markup than pricing of single bets. Although this differential can in part be explained by the preferences of bettors, it is reasonable to attribute a significant part of the differential as being due to monopoly power

Forecasting the decisions of the US Supreme Court: lessons from the ‘affordable care act’ judgment

This paper examines the 2012 US Supreme Court consideration of the Affordable Care Act, and the resulting judgment, with a view to learning what lessons this landmark case can afford us into the way in which the US Supreme Court works, so helping us forecast its decisions. Although this is simply one judgment among many, a case is advanced here that the details of the way that the judgment was made can be used to help arbitrate between conflicting interpretations in the literature as to the way that the US Supreme Court reaches its decisions. It is argued that consideration of this case does provide particular insights which might usefully improve forecasts of future Supreme Court decisions

The Churchill betting tax, 1926-30: a historical and economic perspective

This paper examines British Government policy with regard to the taxation of betting, from a historical and economic perspective. The taxation of betting is traced to the introduction in 1926 of a tax on betting turnover by the Chancellor of the Exchequer, Winston Churchill. By 1930 the tax had been scrapped. This paper seeks to examine what lessons can be learned from this attempt at the introduction of a new tax and from subsequent Government policy with respect to betting taxation, and asks what policy implications can be drawn by other countries experimenting with the introduction of taxes on the turnover or gross profits of their betting operators

Taxation and the Demand for Gambling: New Evidence from the United Kingdom.

In October 2001, the U.K. government implemented a dramatic shift in the taxation of gambling, resulting in a substantial decline in taxes levied on U.K. bookmakers. Using data before and after this event, we present econometric evidence on the demand response to this tax reduction. Our results suggest that the demand for bookmaker gambling is highly sensitive to taxation rates and that the decline in the rate of taxation led to a large increase in the demand for on-shore betting. We also find some evidence of price-induced substitution across different segments of the gambling industry. The U.K. policy initiative may provide useful information for policy makers in other countries who are contemplating changes in gambling taxation.

A policy response to the e-commerce revolution: the case of betting taxation in the UK

Several environmental changes in the 1990s – including the introduction of a national lottery, the rise of Internet gambling, and the reduction of trade barriers within the EU – induced the UK government to initiate a large-scale review of betting duty. As a result of this review, the government recently announced a significant reduction in betting taxes. They also decided to replace the current general betting duty (GBD), levied as a proportion of betting stakes, with a gross profits tax (GPT), based on the net revenue of bookmakers. We examine the economic rationale behind these decisions and demonstrate how these tax changes have broad implications regarding optimal levels of taxation for other sources of government revenue

'Quarbs' and Efficiency in Spread Betting Markets: can you beat the book?

In this paper, we examine a relatively novel form of gambling, index (or spread) betting, that mirrors (and indeed overlaps with) practices in conventional financial markets. In this form of betting, a number of bookmakers quote a bid-offer spread about the result of some future event, and bettors are invited to buy (sell) at the top (bottom) end of the quoted spreads. We hypothesise that the existence of an outlying spread may provide uninformed traders with information that can be used to develop improved trading strategies. Using conditional moment tests on data from a popular spread betting market in the United Kingdom, we find that in the presence of a number of price-setters, the market mid-point is indeed a better predictor of asset values than the outlying price. We further show that this information can be used to develop trading strategies that lead to returns that are consistently positive and superior to those from noise trading and, in some cases, significantly so.

Security and the performative politics of resilience : critical infrastructure protection and humanitarian emergency preparedness

This article critically examines the performative politics of resilience in the context of the current UK Civil Contingencies (UKCC) agenda. It places resilience within a wider politics of (in)security that seeks to govern risk by folding uncertainty into everyday practices that plan for, pre-empt, and imagine extreme events. Moving beyond existing diagnoses of resilience based either on ecological adaptation or neoliberal governmentality, we develop a performative approach that highlights the instability, contingency, and ambiguity within attempts to govern uncertainties. This performative politics of resilience is investigated via two case studies that explore 1) Critical National Infrastructure protection and 2) Humanitarian Emergency Preparedness. By drawing attention to the particularities of how resilient knowledge is performed and what it does in diverse contexts, we repoliticise resilience as an ongoing, incomplete, and potentially self-undermining discourse

Vernacular imaginaries of European border security among citizens : from walls to information management

Our primary aim in this article is to explore vernacular constructions of Europe’s so - called ‘migration crisis’ from the grounded everyday perspectives of EU citizens. We do so as a critical counterpoint to dominant elite scripts of the crisis, which are often reliant upon securitized representations of public opinion as being overwhelmingly hostile to migrants and refugees and straightforwardly in favour of tougher deterrent border security. In addition to broadening the range of issues analysed in vernacular security studies, the article seeks to make three principal contributions. Theoretically, we argue for an approach to the study of citizens’ views and experiences of migration and border security that is sensitive to the performative effects of research methods and the circular logic between securitizing modes of knowledge production and policy justification. Methodologically, we outline and apply an alternative approach in response to these dynamics drawing on the potential of critical focus group s and a desecuritizing ethos. Empirically, we identify a vernacular theory of ‘the border’ as information management, and a significant information gap prevalent among participants with otherwise opposing views towards migration. These findings challenge bifurcated understandings of public opinion towards migration into Europe and point to the existence of vernacular border security imaginaries beyond either ‘closed’ or ‘open’ borders

Stopping boats, saving lives, securing subjects : humanitarian borders in Europe and Australia

In April 2015, former Australian Prime Minister Tony Abbott called on European leaders to respond to the migration and refugee crisis in the Mediterranean by ‘stopping the boats’ in order to prevent further deaths. This suggestion resonated with the European Union Commission’s newly articulated commitment to both enhancing border security and saving lives. This article charts the increasing entanglement of securitisation and humanitarianism in the context of transnational border control and migration management. The analysis traces the global phenomenon of humanitarian border security alongside a series of spatial dislocations and temporal deferrals of ‘the border’ in both European and Australian contexts. While discourses of humanitarian borders operate according to a purportedly universal and therefore borderless logic of ‘saving lives’, the subjectivity of the ‘irregular’ migrant in need of rescue is one that is produced as spatially and temporally exceptional — the imperative is always to act in the here and the now — and therefore knowable, governable and ‘bordered’